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Banks Have Received $80 Billion In 500, 1000 Notes, Says RBI: 5 Points

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NEW DELHI:  The Reserve Bank of India today said banks have received 5.45 trillion rupees or 80 billion dollars in 500 and 1000 rupee notes from November 10 to 18, after the government decided to withdraw high value bills to eliminate black or untaxed money and counterfeit currency.
                                         Here are the 5 latest developments in this big story:
1-The amount includes 5.12 trillion rupees ($75.1 billion) in bank deposits and 33,000 crore rupees ($ 4.85 billion) in exchange of old notes with new ones. The government had abolished 500 and 1000 rupee notes on November 8.

2-The central bank has also made a series of announcements today, in one, allowing banks to give borrowers an additional 60 days for repayment of housing, car, farm and other loans under one crore.

3-The RBI said banks and other financiers will get an additional 60 days for recognising these loans as non-performing assets or substandard. The relaxation will apply to dues payable between November 1 and December 31, it said.

4-The RBI has also eased cash withdrawal rules for businesses, saying overdraft and cash credit account holders can now withdraw up to Rs. 50,000 in a week now.

5-It had earlier allowed only current account holders to withdraw Rs. 50,000 in a week. The central bank said this would be allowed for accounts that have been operational for the last three months. People can withdraw Rs. 24,000 a week from their savings account.

Source:-NDTV
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